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Bitcoin has experienced a 4-hour level pullback and is currently showing a rise trend again. Especially after the strong increase in gas fees on the Ethereum on-chain, Bitcoin has become the pioneer of the market. Currently, Bitcoin's movement is like a full bow and arrow, ready to launch, and the market's long positions sentiment is becoming hard to suppress.
After stabilizing at $118,600 and completing the conversion of support and resistance levels, we expect Bitcoin to continue its rise, challenging the resistance level of $120,400, and even potentially reaching a high of $122,500.
This round of rise not only reflects the strong momentum of Bitcoin itself but also mirrors the optimistic sentiment of the entire cryptocurrency market. Investors should closely monitor market trends while also being cautious of potential short-term fluctuations.